London-listed Alba Minerals Ltd. (LON:ALBA) signed a definitive property option agreement with Noram Ventures Inc. (CVE:NRM) on Wednesday to acquire up to 50% of Noram’s wholly-owned subsidiary, Green Energy Resources Inc., which holds lithium brine/clay claims at Clayton Valley, Nevada, and the Hector lode claims in San Bernardino county, California.
Clayton Valley lithium project
Green Energy has amassed one of the largest land packages in Nevada’s Clayton Valley. Its non-contiguous north and south blocks now total 888 claims (17,738 acres) and are positioned both north and south of Albemarle Corp.’s Silver Peak mine, North America’s only lithium producer.
The perimeter of the Clayton Valley claims is located within one mile (1.6 kilometres) of Albemarle’s operations, where lithium is produced from deep wells that pump brines from the basin beneath the Clayton Valley playa. The plant is the only lithium producer in the United States and has been producing lithium at this location continuously since 1967.
Hector lode lithium project
The agreement also includes the 100%-owned Hector lode property encompassing 116 lithium mineral claims (2,320 acres) in San Bernardino county, California, where surface sampling has confirmed the presence of lithium in hectorite clays. Material is currently being mined on adjacent ground as bentonite/hectorite clays. An initial core drilling program is now under consideration for the property.
Terms of the option agreement
In order to keep the option in good standing and in force and effect, Alba shall, subject to exchange and regulatory approval:
Story by ProactiveInvestors